UNIDARE PLASTICS
Sale of plastics business to the management
The Irish engineering group Unidare PLC (Unidare House, Richview Office Park, Clonskeagh, IRL-Dublin 4) has quit the plastics business, following the sale of its Plastics Division to UP Holdings Ltd, a company controlled by the management of the Plastics Division and Hambro Northern Ireland Ventures. The sale involves three businesses. Unidare Plastics Ltd (Seagoe, Portadown, GB-County Armagh BT63 5HU), a manufacturer of plastic pipe and cable ducting, plus two distribution companies in Ireland and the UK. The Plastics Division had sales in the year ended 30/09/95 of GBP 21.1m and profits before tax of GBP 0.65m.
Unidare had apparently been in discussions to sell the business with a number of interested parties, but no deal was made. The sale is in line with the company's strategy of concentrating on its two core business areas of distribution of industrial consumables and the manufacture of niche heating and metal products. Although the Plastics Division has remained profitable, despite the cyclical nature of its business, it was considered a non-core activity.
Unidare had apparently been in discussions to sell the business with a number of interested parties, but no deal was made. The sale is in line with the company's strategy of concentrating on its two core business areas of distribution of industrial consumables and the manufacture of niche heating and metal products. Although the Plastics Division has remained profitable, despite the cyclical nature of its business, it was considered a non-core activity.
30.11.1996 Plasteurope.com [19697]
Published on 30.11.1996